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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Falls on Beijing's COVID-19 Warning, Inflation Worries

Oil Beijing Covid-19 Inflation United States Chaoyang
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford

Oil dropped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing dented hopes of a pick-up in Chinese demand, while worries about more interest rate hikes to control rampant inflation added further pressure.

Beijing's most populous district Chaoyang announced three rounds of mass testing to quell a "ferocious" COVID-19 outbreak.

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